Am I in the wrong

dori2o

After negotiating with the insurance company they have agreed to pay out in respect of my buildings/contents claim. The policy includes new for old cover and so they have agreed to pay an amount equal to a new fredge/freezer of the same make and similar capacity. The price of this fridge freezer is £250. (they provided this information not me). They also agreed to the quotes I got for flooring and windows.

Am I now restricted to using the companies I have received these quotes from? and if I now have cheaper quotes am I required to let the oinsurance company know so they can adjust the claim? Can I replace the fridge freezer with a cheaper or 2nd hand model rather than the one suggested by the insurers?

Any advice appreciated.

phill99

Insurers often have preferred suppliers as they gt a discount from them due to me volume of business.

Why would you want a cheaper or second hand fridge? You could put this to your insurers but they will offer you what is known as a 'cash settlement' which will be considerably lower than the value of a new fridge freezer.

dori2o

They have already paid out and I have ther money, the question is, can I now do as I please with the money, i.e. get the repairs to the house done cheaper, and choose a freezer that is far cheaper than the one they used to calculate the payout, and use the residual money to complete further repairs/maintenance to the property?

phill99

If they have sent ou a cheque 'in full and final settlement' then its up to you to source contractors etc and a fridge freezer. How you do it is up to you. However, if a number of contractors have been round to give you quotes which have cost them time and money to produce, it's a bit off if you then get it done by a few Eastern Europeans for £50 and then pocket the rest.

vaio

yep, much better to hand the whole sum over to a contractor who will then get

phill99 wrote: »

...... it done by a few Eastern Europeans for £50 and pocket the rest.